Petropavlovsk reduces reserves by 8% to 8.41 mln oz of gold
MOSCOW. April 28 (Interfax) - The total volume of mineral resources of Petropavlovsk gold mining alliance as at the end of 2015 is estimated at 23.29 million ounces, ore resources at 8.41 million ounces, the company said in a statement.
For the year reserves fell 8% and resources rose insignificantly, by less than 1%.
In particular, for Petropavlovsk's key assets (these are active mines and their satellites) reserves as at the end of 2015 are estimated at 6.99 million ounces, resources at 18.31 million ounces (including 12.28 million ounces for Measured+Indicated).
Petropavlovsk's ore reserves as at December 31, 2015 (JORC):
| Category | Ore, mln tonnes | Grade, grams/tonne | gold, mln oz |
| Non-refractory ore | 144,038 | 0,96 | 4,46 |
| - Proven | 16,528 | 0,91 | 0,48 |
| - Probable | 127,510 | 0,97 | 3,98 |
| Refractory ore | 124,560 | 0,99 | 3,95 |
| - Proven | 20,599 | 1,14 | 0,75 |
| - Probable | 103,961 | 0,96 | 3,20 |
| TOTAL | 268,598 | 0,97 | 8,41 |
| - Proven | 37,127 | 1,03 | 1,24 |
| - Probable | 231,471 | 0,96 | 7,17 |
Petropavlovsk's mineral resources as at December 31, 2015 (JORC):
| Category | Ore, mln tonnes | Grade, grams/tonne | Gold, mln oz |
| Non-refractory ore | 13,98 | ||
| - Measured+Indicated | 321,904 | 0,91 | 9,41 |
| --- Measured | 40,495 | 1,05 | 1,37 |
| --- Indicated | 281,409 | 0,89 | 8,04 |
| - Inferred | 167,169 | 0,85 | 4,57 |
| Refractory ore | 9,31 | ||
| - Measured+Indicated | 226,491 | 0,85 | 6,16 |
| --- Measured | 26,604 | 1,04 | 0,89 |
| --- Indicated | 199,887 | 0,82 | 5,27 |
| - Inferred | 145,481 | 0,67 | 3,15 |
| TOTAL | 23,29 | ||
| - Measured+Indicated | 548,170 | 0,88 | 15,57 |
| --- Measured | 67,099 | 1,05 | 2,26 |
| --- Indicated | 481,071 | 0,86 | 13,31 |
| - Inferred | 312,650 | 0,77 | 7,72 |
Petropavlovsk commercially develops hardrock gold deposits in Amur region - Pokrovsky mine, Pioner, Malomyr and Albyn.
Major shareholders include the company's chairman of the board of directors Peter Hambro, CEO Pavel Maslovsky and their partner at Asian-Pacific Bank Andrei Vdovin. The biggest shareholder with more than 14.8% is Viktor Vekselberg's Renova.
